The euro currency’s rebound after the ECB meeting saw prices rising only to highs near 1.2150.
Following this, price action retreated, edging closer back to the rising trend line. We expect the trend line support to once again come into the picture.
As long as this support holds, the EURUSD might be looking to aim higher.
In the event that the common currency loses the trend line support, then we expect price action to fall toward the 1.2050 level, marking the December 9 lows.
To the upside, the EURUSD will have to break out above the previous highs of 1.2178 to continue the uptrend.